Regardless of shape or size, developers who have brought new product to market in the last two years, have had to offer big incentives and further reduce prices to attract buyers. Examples of this can be seen at the Cottages and Villas at Kehalani in Wailuku, developed by Stanford Carr, or Moana Estates, and the Ke Alii Ocean Villa's by Towne Island Home, Ltd in Kihei, or the Cottages at Kulamalu in Pukalani, by DR Horton. Incentives inlcude free furniture packages, large closing cost credits, A/C installation, and if the unit is not quite complete, then upgrades to the finishes.
In some cases, the second or third phase has been suspended, like Houna Kai in Kaanapali, developed by Interwest.
When you add foreclosure and distress sales to this saturated market place, its easy to understand why developers have to offer these incentives lure buyers.
Thank you for reading my blog.
Aloha,
Peter Slate R(S)
Haiku Properties
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